Daily Price Action
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EURUSD Trades Above Key Support Ahead of Thursday’s ECB

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The EURUSD is holding above key support ahead of Thursday’s ECB decision.

The confluence of support at 1.1075 is the same one we’ve discussed since December 27th of last year.

It’s also the area that needs to break down for the EURUSD to regain its bearish momentum.

As long as the pair is above it on a daily closing basis, the short-term uptrend is intact.

But as I’ve stated for weeks, I’m more interested in the eventual breakout than I am in this sideways movement.

Notice how the EURUSD has made little to no progress over the last few months.

One event that could trigger a breakout is Thursday’s ECB decision.

It’s actually several events.

At 7:45 am EST, we get the rate decision and statement followed by a press conference at 8:30 am EST.

If those events don’t give us the volatility needed to move the EURUSD out of its range, perhaps Friday’s events will.

On Friday, we have several PMI readings that could induce volatility for both the euro and the British pound.

From a technical perspective, though, it comes down to 1.1075 and 1.1200.

Those areas outline the current range of the EURUSD.

A daily close below the 1.1075 support region would expose the next key support at 1.0990.

Alternatively, a move toward the descending channel top near 1.1200, followed by a close above it, would open the door to 1.1280.

The “daily close” refers to the New York 5 pm EST closing time.

Go here to get access to the same charts I use to make sure you have five 24-hour daily sessions each week.

Will the events over the next two sessions give us a EURUSD breakout?

We won’t have to wait much longer to find out.

Want to watch the EURUSD video I just released in the member’s area?

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EURUSD support and resistance on the daily chart

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6 comments
Justin Bennett says

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Ralph says

I don’t know what will happen but,I smell bearish EUR/USD..

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Ngo Sy Ha says

thanks you

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Sandeep mishra says

I am expecting 1.0986 as per weekly chart..

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    Sandeep mishra says

    1.1060

    Reply
ali says

Thanks for the update sir justin.

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